Ninety One UK Ltd Sells 857,909 Shares of Newmont Corporation (NYSE:NEM)

Ninety One UK Ltd cut its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 24.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,598,547 shares of the basic materials company's stock after selling 857,909 shares during the quarter. Ninety One UK Ltd owned approximately 0.23% of Newmont worth $125,458,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NEM. SOA Wealth Advisors LLC. increased its stake in shares of Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after buying an additional 201 shares in the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Newmont in the first quarter valued at $26,000. Private Trust Co. NA increased its stake in shares of Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after buying an additional 347 shares in the last quarter. Nexus Investment Management ULC acquired a new stake in shares of Newmont in the first quarter valued at $31,000. Finally, Alpine Bank Wealth Management acquired a new stake in shares of Newmont in the first quarter valued at $32,000. 68.85% of the stock is owned by institutional investors.

Newmont Trading Down 4.2%

Shares of Newmont stock traded down $2.50 during trading on Tuesday, hitting $57.66. 14,732,121 shares of the company were exchanged, compared to its average volume of 10,612,978. The firm has a market capitalization of $64.18 billion, a P/E ratio of 12.93, a price-to-earnings-growth ratio of 0.79 and a beta of 0.33. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $60.31. The firm's fifty day moving average price is $54.79 and its 200 day moving average price is $48.48. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.98 and a quick ratio of 1.70.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.54. The company had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.82 billion. Newmont had a return on equity of 15.75% and a net margin of 25.77%. During the same period in the previous year, the company earned $0.55 EPS. As a group, sell-side analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Tuesday, May 27th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a yield of 1.73%. Newmont's payout ratio is 22.42%.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total transaction of $176,250.00. Following the completion of the sale, the executive vice president owned 74,526 shares of the company's stock, valued at $4,378,402.50. This represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the sale, the director directly owned 43,103 shares of the company's stock, valued at $2,532,301.25. This represents a 4.60% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 12,231 shares of company stock worth $679,813 over the last 90 days. Corporate insiders own 0.05% of the company's stock.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of research reports. Scotiabank restated a "sector perform" rating on shares of Newmont in a research note on Monday, April 14th. Royal Bank Of Canada raised their target price on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. National Bank Financial upgraded Newmont to a "hold" rating in a research report on Friday, March 21st. BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a research report on Thursday, April 24th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $66.00 price objective on shares of Newmont in a research report on Friday, April 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $60.35.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.